The disgraced financier Bernard Madoff could face a 150-year prison sentence after his lawyer today indicated his client would plead guilty to charges of fraud.

At a court in New York, Madoff's legal representative Ira Sorkin said that it was "a fair expectation" that Madoff, who is accused of a masterminding a massive ponzi scheme, would plead guilty at a session on Thursday.

Prosecutors said the 11 charges laid against Madoff - including money laundering, perjury and securities, mail and wire fraud - carried a maximum sentence of 150 years behind bars.

The details of the criminal case emerged at a hearing today in a lower Manhattan courthouse to resolve several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin.

Sorkin and his family invested more than $900,000 with Madoff. After questioning Madoff, the judge ruled that Sorkin may continue representing Madoff.